There is a new wave coming! It is out on the horizon, but moving in fast, and much higher than any wave you have previously seen.
What is Disruption?
Disruption, as used in the world of business and commerce, is not the simple task you might expect. Disruption has become an often used (and misused) entrepreneurial buzzword. Many new products and services today, especially those which draw heavily on technology, are labeled as disruptive, when actually they are not.
Typically, it is not a product or a technology or a service that causes disruption, however innovative it may be.
Usually, disruption comes in the form of a business model or the break in a value chain that is essential to the survival of a company, industry or country. Disruption comes from the way a new product, technology or service is used to solve consumers’ problems which incumbent market players have been unable or unwilling to solve.
The following examples further highlight how innovative thinking has, on occasion, caused disruptive shifts in the way things are done, catching incumbents off-guard and sending them the way of the bankruptcy court.
- Netflix and Redbox did a number on the video rental giant Blockbuster, when the former introduced a similar service based on an online subscription, with an absence of unpopular late fees and a service that brought movies directly to consumers’ front doors There was nothing new about the Netflix product, or the service, which was the supplier of rental movies. Instead, it was the Netflix business model which solved consumer needs that remained either unmet or underserved by that of Blockbuster. Redbox eliminated the need for big box stores and employees. By the time Blockbuster’s executive team saw the writing on the wall, it was too late and the former undisputed champion of movie rentals went under like the Titanic. This is a classic example of how a prodigious company can be disrupted by a startup with a better business model.
- Napster turned the entire music recording industry on its head when its founders discovered an evolutionary (disruptive) peer-to-peer way to allow consumers to download every piece of music ever recorded—for free, in minutes, and with no need to leave their home. “Bye-bye” record stores. Although the process of sharing music via Napster was illegal, by the time it was shut down, the multi-billion dollar recording industry was changed forever. The Goliath music labels like EMI, “the label that created the music-label industry that signed everyone from Frank Sinatra to the Beatles and Garth Brooks was sold by creditors in bankruptcy like scrap” says Jay Samit, New York Best Selling Book, Disrupt You, Only entertainment companies that had alternative streams of revenue, such as electronics or movies, managed to survive. Today, most music is purchased online and the outdated juggernauts of music retail have fallen; superseded by the business models of iTunes, LiveNation, Clear Channel and Amazon.
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